Update to reference standards for Financial Advice Providers
Financial advisers help fight financial abuse

Legal and regulatory update for the life and health insurance sector

5 Nov 2020 – The Ombudsman published a new guide today on the OIA’s privacy withholding ground.  The new guide explains how the privacy withholding ground works, and the factors to consider in deciding whether to withhold official information on privacy grounds. https://www.ombudsman.parliament.nz/news/new-privacy-guide-and-case-notes

5 Nov 2020 – NZX announced that the USA regulatory agency the Commodity Futures Trading Commission (CFTC) has granted a Part 30 Exemption Order to NZX in its capacity as a Foreign Board of Trade, thereby allowing New Zealand-based NZX Derivatives Participants to solicit US-based clients and trade on their behalf on NZX's dairy derivatives market, without registering with the CFTC as a futures commission merchant. https://www.nzx.com/announcements/362737

6 Nov 2020 – FMA released the final Standard Conditions for full financial advice provider licences, together with details of the three classes of financial advice service for full financial advice provider licences and a Regulatory Impact Statement. Seven standard conditions for a full licence include: record keeping, internal complaints process, regulatory returns, outsourcing, business continuity and technology systems, ongoing requirements, and notification of material changes. Note that the proposal in the earlier consultation to require Professional Indemnity Insurance does not appear. The FMA Consultation webpage contains links to the three key documents released today as follows:


Feed You can follow this conversation by subscribing to the comment feed for this post.

The comments to this entry are closed.